Redmond, WA, United States, February 12, 2015 /PressReleasePing/ - LifeNet Insurance Solutions released a free report today: Guide To Life Insurance For Baby Boomers. This new report reveals how to get the best value in life insurance coverage and what type of coverage is best for any circumstances.
Lenny Robbins owner of LifeNet says For too long people have been in the dark on the costs and problems with various types of life insurance. This report helps to open the curtains on the industry and give non-agents the insights one won't find elsewhere.
Many baby boomers Robbins says, have been told by consumer advocates that term insurance is always the best choice, and permanent coverage should be avoided at all costs. While this may be true, especially for young families with large insurance needs and smaller assets, baby boomers need to reexamine their priorities and make sure they're covered appropriately.
This is especially true since many carriers have enhanced their policies with living benefits that have real value given the cost of long term care insurance as well as the need for cash in a medical emergency. Best of all, these benefits are free riders or incorporated into the policy itself, but have not translated into higher premiums. In fact, premiums have decreased in general as benefits have increased.
For example, several carriers have recently incorporated a return of premium benefit into their permanent products which gives the owner/insured the right to cancel the policy at certain fixed times, so that if the protection is no longer needed a lump sum of cash is available instead of simply dropping the policy or trying to sell it through a life settlement.
Remember, the educated consumer has the information necessary to make an informed decision when it comes to one of the most important financial decisions in one's lifetime.
The report can be downloaded free at LifeNet Insurance Solutions website.
About Lenny Robbins
LifeNet Insurance Solutions was founded in 1991 by Lenny Robbins, and serves the Baby Boomers and Seniors insurance marketplace throughout the United States.
For more information about us, please visit http://www.lifenetinsurance.com
Press Contact:
Lenny Robbins
Lenny Robbins
11505 Eastridge Drive Ne
(425) 214-4757
http://www.lifenetinsurance.com/
Sunday, August 26, 2018
New Baby Boomer Life Insurance EBook Available
The Easy Guide to Picking the Correct Life Insurance
Here’s an example. Let’s say you own a term policy with level premiums for 30 years. At some point during this time you are diagnosed with a serious health issue that would normally result in high premiums or even a decline of coverage. With good conversion options, you will be able to convert part or all your term policy into a permanent policy without evidence of insurability. Not every company has good conversion options. This is a most important feature and the least understood benefit of term life insurance. You will not find this information on the typical website, nor will you find it on the quote forms that are generally provided by these sites.
Before you by any term life insurance, make sure to speak with an independent agent (someone with access to many carriers) and ask about the specific conversion of the recommended coverage. High quality carriers do not necessarily charge more or have stricter underwriting requirements.
Other insurance types fall into the permanent category.
This coverage is designed to stay in force for the lifetime of the insured, and includes whole life and universal life policies. Today, most whole life policies are for small amounts of coverage. Sometimes called “final expense” insurance, they are designed for easy acceptance and generally cover individuals for $25,000 or less.
For amounts over $25,000, a universal life policy with lifetime level premiums is the least expensive permanent coverage. Unlike whole life, this type of universal insurance is intended to pay the death benefit only. Because it does not generate any meaningful cash value, premiums are lower than whole life. A side benefit is the ease in which policies may be compared because all premiums are level and guaranteed.
Whatever type and amount of coverage makes sense for you, don’t be shy about asking questions of your agent. Good agents are a valuable resource that can help you understand your need and address the best way of meeting your requirements.
4 Tips For Life Insurance Over 70 To Maximize Value
During our lifetime, we normally purchase life insurance to protect our family against a premature death. To do that, most people purchase term insurance because of its relatively low cost. This makes perfect sense because the need is great, but mostly temporary. As children grow and other assets may grow as well, the need for large amounts of coverage may become unnecessary.
Tip #1: Convert Now
If you currently have a term policy and you’re over 70, the first thing you should do is check with your current life insurance company to see if that policy is still convertible into “permanent” coverage. If your policy is still convertible (some carriers allow conversion up to 75) then it makes sense to compare the conversion policy premium to the cost of a new policy.
Converting a policy requires no medical underwriting. Whatever health rating you were given when your term policy was put in force will be the health rating you get on a conversion policy. This is a great deal in many cases, especially if your health has deteriorated since the term policy was put in force.
However, before you decide to convert, make sure that a new policy is not a better value.You might even consider hiring an insurance consultant. Some carriers will allow conversion into a lesser quality policy only, with fewer guarantees.
Tip #2: Lower Permanent Coverage
Currently it is possible for a 77-year-old female to purchase a 15-year term policy which will carry them to age 92. However, should the insured live past the end of the policy, there will be no alternatives for new coverage. A permanent policy for the same 77-year-old will currently be about 25% higher in cost, but of course the death benefit will be paid whenever the insured dies. Obviously, there is a tradeoff here so keep in mind your objective. It may be that the coverage is only necessary for temporary protection in which case a term policy can make sense. If not, perhaps a lower amount of coverage that is permanent will suffice.
Tip #3: Avoid Term Coverage
A 77-year-old male will also be able to purchase a 15-year term policy assuming his health qualifies him for coverage. The major difference here is that the term policy at this age and a permanent policy at this age are almost the same cost. Don’t make a mistake and purchase term coverage in this situation from any insurance agent.
Tip #4: Secure Small Limits
Most people over 70 no longer own life insurance and the need for coverage is generally small in relation to younger ages. For small amounts of life insurance, generally up to $25,000 the easiest type of life insurance to obtain is known as “final expense” life insurance. It is used primarily to pay funeral expenses and other small debts. These policies are also known as “simplified issue” whole life policies because they do not require a paramedical exam. If the applicant can answer all questions appropriately and accurately, then a policy is issued. However, these insurance companies all ask slightly different questions which can mean the difference between acceptance and denial. If you are considering such a policy, make sure that you disclose all health issues to your agent to make sure you purchase the appropriate plan.
Other questions will inevitably come up, especially if your health history includes any serious health issues. That’s another good reason for using an independent agent with access to many high quality carriers.
LifeNet Insurance Solutions on Byzadee
LifeNet Insurance Solutions on Byzadee
LifeNet Insurance Solutions of Redmond WA is a family owned life insurance agency founded in 1991. Our areas of specialization include coverage for both the baby boomer and senior generations. We represent all major carriers throughout the U.S.
Contact Details
Contact: Leonard Robbins
Address: 11505 Eastridge Dr NE #420 Life Insurance in Redmond WA
Redmond -98053, WA, United States
Phone: (425) 214-4757
Website: www.lifenetinsurance.com
How Starting a Business Later in Life Made Me A Better Entrepreneur
The entrepreneurial bug hit me early. The first time I got that rush of excitement takes me back to selling gum for the cub scouts door to door. I realized then that I wanted to be number one, and remembered that feeling of pleasure when a sale was made.
Fast forward to high school selling encyclopedias and learning a lesson about myself in the process. I remember having to memorize the sales script before heading out with the “boss” and others on a drive one evening up to small towns in New Hampshire, about an hour from my home. Someone made a sale of the entire World Book Encyclopedia plus yearly updates and everyone was ecstatic from the manager on down. But… I had to open my mouth. What was this guy with no family, and it appeared not much money going to do with his purchase? “Who cares, just count your money” was the answer.
It was not my answer and that was the end of my door-to-door sales career.
Fast forward to my first real job after college. I started working for a large holding company that had recently purchased the smaller national firm that hired me. This was my first taste of the corporate world, and I learned a valuable lesson there. Make sure your boss likes you, and he did! But, after 18 months on the job he was told to economize. Last hired (me) was first to be fired. It had nothing to do with me personally, it was just numbers. But then, he found me another job in a different city and this was a promotion. I went from being fired to promoted the same day.
Valuable lesson #2. When you work for someone else, being good at your job is only part of the equation for success. If you really want to be in charge, then you must be in charge of everything, and that means learning about all those things that allow you to sell and work effectively!
Valuable lesson #3. Keep your overhead as low as possible. Spend money only on those items which will either give you more time or can add to your bottom line.
One way of being in charge is to work on commission. Now, before you start picturing the guys down at the local used car lot, remember that nothing in the world of business happens before something is sold. From the paperboy delivering the subscription you bought to your physician selling his or her expertise.
Deciding that this was for me, I joined a stock brokerage firm that sent me to their training school for 3 months of learning about stocks, bonds and assorted other security transactions. Boy, was this different that selling encyclopedias! It wasn’t OK just to sell something, it had to be appropriate for the client’s objective, age and financial condition. This is a valuable lesson that has stayed with me throughout my business career.
For me, being an entrepreneur is not just working for myself, but working in an ethical manner. From past experience, I know there is the “rush” in getting that sale, but all of my lessons from earlier put me on the ethical straight and narrow.
Since I started my own life insurance business some 25 years ago, I have prospered because of how I treat the prospects and clients that have come to me. When you start your own business, think about what you would want from someone selling whatever product or service you offer, especially if you have lots of competition.
Now think about how to set yourself apart from that competition. My advice. Find yourself a small niche in a great big market. You will find that the smaller the niche, the more likely you are to succeed. It seems almost counter-intuitive, but think about it this way. If you want to solve a problem, would you rather speak with a specialist with extensive experience particular to your need, or someone who knows a little about everything.
With the advent of the internet, the entrepreneur spirit has grown dramatically because of the ease in which people can set up their own businesses while working their “day job”. There are countless courses about building websites and ecommerce that are tailor made for the newly minted entrepreneur.
It’s very empowering to think of an idea that could possibly make money, then research it thoroughly to learn about your potential customer. Put yourself in your possible new client’s position. Whatever you’re selling, they will buy if it eliminates some “pain point”.
If you can alleviate your prospects’ pain points with a workable solution, you’re on your way.
Frugal Living Tips for the Whole Family
Frugal Living Tips for the Whole Family
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Welcome friends! I am so glad to have you visiting today. This blog is filled with lots of ideas for a growing family. Sometimes I post affiliate links and, should you purchase any of the products I highlight by clicking through the links, you will be helping me to continue to create fantastic posts and helping to feed my Starbucks addiction. You can read my disclosure policy here.
Image sourceBeing frugal isn’t just for moms who are looking to stretch the family budget a little further, or people who have a limited income and want to live as well as possible as they can with what they have – it’s for everyone. Kids, grandparents, teenagers – there isn’t anyone who couldn’t benefit from being a bit more frugal with their money. Doing so will make it less likely that they get into debt and increase their chances of living comfortably in the long-term.
With that in mind, here are some frugal living tips for the whole family:
Shop to List
One of the simplest aspects of frugal living, which can be applied to anyone who buys food is to shop to a list. Check your pantry and your fridge etc., before you head off to the store, note down only what you need to see you through the week and just buy that. You’ll eat perfectly well without wasting money.
Become a Scratch Cook
Teaching your children to cook is one of the most important life skills you can impart upon them because, no matter how young or old you are, cooking from scratch is a great way to save money and eat a healthier diet. If your kids can cook, then they’re less likely to put on the dreaded freshman 15 by eating convenience foods all the time.
Extend Health Insurance
Extending your health insurance so that it still covers your kids when they’re an adult is a great way to look after them and ensure that they can get the help they need should they get sick. It’s typically less expensive than them taking out their own policy, which means they might be able to contribute towards your policy when they can’t afford their own, and it will give the rest of the family greater peace of mind.
Get Life Insurance
If you’re thinking that paying out for another insurance policy is the opposite of being frugal, then you obviously haven’t been very frugal in the past. You see, having insurance policies, whether it’s the best senior life insurance policy out there, a policy for parents or even a policy for children, it ensures that other members of the family aren’t burdened financially should the unthinkable happen. When a person dies, there are a lot of expenses to deal with from the funerals, to paying the bills they might have been responsible for. So, if you’re a responsible family member, you will insure yourself and anyone else who warrants it.
Have a Piggy Bank
Image sourceIf everyone in the family has their own piggy bank or even a communal one, and they learn to put their spare change in there every day instead of squandering it on expensive coffees or a little candy, then you could easily save hundreds of dollars each year and use that money to save for college, repair the roof, or even treat yourself to the occasion family vacation or some other longed-for treat.
Grow Your Own Food
If the cost of keeping your family in food is getting too much to handle, why not start supplementing with some of your own? Depending on where you’re based, there’ll be a whole host of fruits and veggies you can grow at a fraction of the cost of buying them, and gardening is a great family activity, which has also been shown to teach kids about nature and healthy eating, improve symptoms of depression and help seniors to keep physically and mentally fit. If you have the land, it really is one of the best things you can do to be frugal and take good care of your family.
Give the Gift of Time
As a frugal person, take the time to speak to the other members of your family and come to some sort of agreement on gifts whereby it is time, not material possessions that are given. As you will probably know, lots of family members, particularly grandparents, like to spoil younger family members with toys and gadgets. The thought is certainly a good one, but what this does is raise the kids’ expectations about the kind of things they should have and cause much more money to be spent than necessary. Anyway, grandparents, aunts, etc., would probably prefer more quality time doing a simple, frugal activity with the ones they love than simply exchanging extravagant gifts!
Give Crafty Gifts
Alternatively, you could bring in a rule that any gifts given have to be handmade. Hand Making things can be a lot cheaper than buying them from the store, and it encourages the whole family to get their creative juices flowing. Little kids will be particularly happy about this because it will mean that they can give a meaningful gift to gammy or big sister and they’ll feel totally included in the process.
Buy in Bulk
If you have an extended family who live close by and who you’re close to, you can make really huge savings by buying in bulk. Work out all of the foods and supplies that you all buy on a regular basis and then make a big bulk order, which should be significantly more than buying separately. Then, simply pay for your share and decant the goods into your own containers. You’ll be amazed exactly how big the savings can be!
If you don’t have family, getting together to do this with friends and neighbors is also a possibility, and actually, the more people who get involved, the bigger the savings will be at the end of the day.
Reuse Everything
Image sourceWhether it’s encouraging your teenager to repurpose her old clothing into some unique outfits that will impress her friends, having your toddler craft with old paper cups or upcycling your old furniture, so it’s as good as new, there are countless ways to reuse the things you already have, so that you don’t have to waste money on new stuff that, probably won’t be as good, and certainly not as much fun, anyway.
Install Smart Thermostats
Smart thermostats can save money by adjusting the settings according to conditions even when you forget to do it yourself. That’s why you should install on in your home, and the home of any seniors, or less tech-savvy members of your family. They’ll appreciate the gesture a whole lot, especially when they see how much smaller their fuel bills are.
Rent Board Games
If you’re looking for a fun, frugal activity that will also bring the whole family together, then you can’t go wrong with board game rentals. There are lots of places, including libraries, that will rent out all of the family favorites for a small fee (sometimes no fee at all) and it’s a great way to spend a few hours that isn’t as expensive as eating out or going to the cinema, and certainly nowhere near as expensive as cable!
Holiday Together
If you have a big family, and you all enjoy an annual vacation, you might find that if you do so together, in one big group, you’ll get a discount if you book a package vacation. Obviously, this will only work out if you all get on, but bear in mind that just because you travel together and stay in the same villa, it doesn’t mean that you need to be in each others’ pockets all the time, and actually, having more family there might mean you get more time to yourselves. Why? Because you can take it in turn to entertain the kids; grandma and grandpa can have them one day, you the next, uncle the day after and so on. It might actually be one of the best vacations you’ve ever had!
Utilize Online Education
Whether your teenage son wants to learn how to code, you want to learn how to make dresses, or your mother wants to take up art to keep her occupied during retirement, you can find all manner of free tutorials and classes online. You can also find some low-cost paid for classes if you want to get really into it, and it’s almost always cheaper than paying for classes in the ‘real’ world.
Create an Emergency Fund
Image sourceIf you are the main breadwinner in the family, then you should be setting aside a little cash each month with a view to building up an emergency fund that covers at least 12 months’ salary. That way, should you end up out of work, not only will you not have to worry about paying the bills, but you won’t have to worry about asking other members of the family for health. In fact, even if you aren’t the main breadwinner, starting your own emergency fund is probably a good idea because it gives you a little more independence should your financial situation change for the worse.
If you and your family do even a fraction of these things, then you will notice that, not only do you have more money in the bank, but you have a lot more fun together, making memories that will last a lifetime. It just goes to show that being frugal can be fun!
Senior Life Insurance: How to Care for Your Elderly Parents Life Insurance Needs
Parents are often reluctant to discuss their financial resources or plans with their children, but this is a conversation that needs to happen so that no one is surprised about monetary obligations and debts that are part of the estate.
As with life insurance at younger ages, there are several types of coverage affordable for seniors depending on their age and health.
- Final Expense Insurance– The most common life insurance for seniors over 70 is also known as “final expense” coverage. Although these policies are a type of whole life insurance and do generate some cash value in the policy, you cannot remove funds without severely impacting the policy. Without paying higher premiums including interest on the amount borrowed, the policy will lapse and the death benefit will no longer be in force.
- These policies are typically written for smaller amounts of coverage, generally from $2,000 up to $40,000. They are known as “simplified issue” policies because they do not require a paramedic exam. If all questions on the application can be answered “No” regarding health and lifestyle, the policy will be issued after the insurance company makes a check of the prescription database to make sure that no drugs are being prescribed which would conflict with any health question.
- When comparing these types of coverage, the consumer should note the company’s ratings by AM Best and make sure to find a strong carrier, one that is rated A or A+.
- Company rating have little to do with the premium cost, so it is possible to apply with a highly-rated insurer while at the same time obtaining a good price.
- Many seniors prefer this type of coverage as it takes less time for approval and does not require an exam. All such policies are whole life with level premiums for the lifetime of the insured, or to age 100 in some cases if the insured lives past that age.
- Graded Benefit Final Expense Insurance– What about seniors that cannot qualify for standard final expense coverage?
- Most applications feature at least 2 sets of qualification questions. If any of your answers require a “yes”, then it still may be possible to get “graded” benefit coverage.
- Although policies differ, in most cases the policy will act as an accidental death policy only for the first two years, and after the policy will pay for death from any reason. However, some graded benefit policies will pay a small percentage of the death benefit in year one, and an additional amount in year two followed by the full benefit in year three and beyond.
- If you only qualify for a graded benefit policy, then look to those carriers that provide the best coverage in these circumstances.
- Final Point on Final Expense Insurance– When comparing qualifications for immediate coverage, companies ask health questions in different ways. You may find that while one carrier will not accept you, another one will.
- For example, we have found several applicants denied coverage with one carrier only to be accepted by another simply because of the way the question was asked.
- If you only need one reason for using an independent life agent, this is it. Your agent will be able to guide you to the least expensive policy that you can qualify for and that meets your needs.
- Guaranteed Issue Life Insurance– If you cannot qualify for either final expense or graded benefit policies and you are age 80 or younger, then “guaranteed issue” contracts are your best alternative.
- These policies require no health information and as the name implies, your policy is guaranteed to be issued assuming that the carriers that write this insurance do so in your state of residence.
- For the first two years these policies will act like an accidental death policy. After they will pay for any reason.
- Universal Life Insurance– We’ve been talking about final expense policies, but what if the amount of coverage needed is greater than offered by the simplified issue policies?
- In this case, you best choice will probably be a universal life policy which guarantees level premiums for your lifetime. While these policies require paramedic exams and medical records, your chances of acceptance may be greater if you have significant health issues.
- Talk to an Independent Life Insurance Agent– As with any purchase of life insurance, your advocate is your agent.
- All agents are paid by the insurance company regardless of policy type.
- While the concept of life insurance is easy to understand, there are many factors which can make the use of an experienced independent agent a very smart decision.
Lenny Robbins has spent his entire business career in financial services. He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer. In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors and baby boomers.
Smoking And Life Insurance
When it comes to California life insurance and cigarette smoking, the carrier with the best value or type of coverage cannot be predicted. Though rates for smokers are always higher than non-smokers, they become even more increased as the smoker ages. Age and sex play a essential role in determining which carrier is the best.
What should you disclose when it comes to your smoking habits? The short answer is to always tell the truth. Two drugs that insurance companies will always test for are nicotine and cocaine. These are very sophisticated tests and can tell the difference between current use and second hand smoke. Remember that more often than not, there is a two year contestability clause per policy that handles fraud in the application.
Will any organization give non-smoker rates to smokers? Some carriers will give smokers a reason to stop smoking by allowing premiums at a standard non-smoker rate for three years. This is only on permanent policies. If you’ve stopped smoking within those three years, you may proceed with the lower premium, or else the rate will increase to smoker rates.
Not every insurance company considers cigar or pipe smokers to fall into a smoker’s category, and there are drastic differences. This also applies to those trying to quit smoking through the use of a nicotine patch.
If a smoker remains nicotine-free after one year, most insurance companies will allow them to obtain a non-smoker rating, which can improve with time. A good agent will discuss your smoking history in detail prior to suggesting the best value for your needs.
In my experience, more smokers than not want to stop. In order for a previous smoker to quality for term insurance at non-smoker rates, they need to have been nicotine-free for a minimum of one year. If you have recently quit, tell your physician and discuss an appropriate notation being made in your record.
If you find yourself in this situation, you may want to consider purchasing a 10 year term policy. This policy is often less expensive than a shorter term one, and there is no reason to pay for a longer guarantee.
Do not forget that a couple of years down the road, you will most likely be able to get a better rating with a lower premium, despite the fact that you are older. Therefore, there is no reason to pay for a longer guarantee on a policy you plan to replace, in most cases.
Leonard Robbins has been a California life insurance agent helping smokers obtain the best in service and vaule for their premium dollars. Contact him at LifeNet Insurance Solutions for more information.
Article kindly provided by UberArticles.com
What is Life Insurance; Why you should take life insurance for seniors
The concept of insurance goes back to the time of the Romans, but it is only at the XVIIIe century that it took precise forms. It primarily consists in distributing the financier risk between a great number of people who cotisent with a common case. It is a way to minimize the costs in the event of unexpected reverse.
Life insurance makes it possible to protect your survivors or the people with your load against serious financial problems. life insurance policy is a contract between you and an insurance company which guarantees, to your death, the full payment of the assured capital.
Life insurance policies for https://www.lifenetinsurance.com senior life insurance come in an amazing package. Those seeking for Life insurance for seniors from this company are able to benefit from:
Risk cover: With the uncertainties in today’s life, life insurance options enable the insured and their families to be ready for any eventuality. They are able to get through a tough and grieving time with ease while benefitting from the terms of the insurance policy selected.
Easy online access: Through Senior life insurance, the public get easy access to insurance services. All information regarding the policies is made available online. This makes it easy to access and read. The stipulated terms are also easy to understand and follow. Applications can also be started online thus limiting the times an individual may have to find time to report to the company offices.
Planning for life needs: life has numerous stages and it may become difficult to plan for these. This becomes even more of the case since an individual has to plan for unknown scenarios that may come up in the future. An Senior life insurance plans act as a form of security at a time when the unexpected reveals itself as a challenge.
Protection against health expenses that are every rising: with advancement in age come health problems. Life insurance in place helps protect an individual and their family from the ever rising medical expenses. This is especially the case when an individual suffers from terminal diseases.
Profitable long-term investment: Life insurance for seniors works as a lifetime investment. It has higher benefits on maturity where the client or the family is able to reap its rich rewards. The life insurance sector is a regulated station with bodies ensuring the safety of the clients. This means that it is set to operate for the safety and security of its clients. An insurer experiences economic growth on the dividends that these individuals may have.
Guarantee an easy future for the family: All who take up a life policy and adhere to the payment of premiums as expected secure their family’s future. In cases where they become incapacitated or are dead, their family is able to get sufficient compensation that will help the company to go through the painful period with ease.
Debt redemption: Senior life insurance policies are good since they are able to help a bereaved family. In case of individuals that took up loans like mortgages or business loans, life insurance policies help protect their families. In case of the death of the borrower, the lender is able to benefit from the insurance policies in place thus failure to follow the bereaved family to pay out the loan.
4 Benefits of Life Insurance for Retirement
4 Benefits of a Retirement Life Insurance Policy
Are you debating about getting a life insurance policy when you retire? Here are 4 life insurance benefits.
Did you know that 85% of people agree having life insurance is necessary, yet only 62% of them say they actually have it?
This means 23% of people are hypocritically not insuring their lives. It becomes more troublesome when you get older. If you’re nearing retirement, you should be debating whether or not to get a life insurance policy for your after-work years.
Adding a policy to your retirement plan is extremely advantageous for many reasons. Here are 4 benefits of getting supplemental retirement life insurance…
1. A Life Insurance Policy Helps Loved Ones After You’re Gone
The average cost of dying (morbid as it is) is north of $11,000.
When you pass away, you don’t want to leave the people closest to you with a bunch of final costs and debts. Federal and state estate taxes usually happen with inheritances as well. And if you’re looking to replace your income (more on this later), it’s ideal to pay less administrative costs and government reporting.
With a life insurance policy, you can have the dollars needed for everything from day-to-day living to estate taxes to funeral costs.
2. Use it as a Future Asset
Investing has gotten you this far; why not let it help you leave a legacy as well?
If you’re worried about not giving your friends and family a monetary gift for when you’re gone, a life insurance policy is a wonderful way to solve this problem.
Whether it’s giving your children or grandchildren funds for college, helping out with their mortgage, or starting a small business, using life insurance on those that mattered most to you in life is not only allowed but is a really sincere gesture.
3. Replace Your Working Income
If you didn’t have a 401(k) or annuity, then you may be looking for some way to still receive income throughout retirement. This is where life insurance could supplement your daily living expenses.
Depending on how you plan retirement, there are policies with cash value that you can periodically withdraw and use during your later years. This type of insurance is very specific, and it’s best to talk to someone about life insurance for seniors over 80.
If you want less stress in retirement — which I’m guessing is everybody — use insurance to cover the hole your income has left.
4. Contribute to Charities
One last awesome benefit of a life insurance policy in retirement is that you can use it to make charitable contributions to something that deeply mattered to you in life.
What’s great about life insurance is that you can actually make charities beneficiaries, so it’s guaranteed they will receive the contributions with minimal middleman meddling.
Prepare Your Policy Today
These are just four ways using a life policy in retirement is a great option.
Use it as an inheritance, replacement income, charitable contributions, or for final costs. No matter how you utilize life insurance, it probably makes sense for your situation to get some version of coverage.
For a complete, step-by-step guide on how to get life insurance as a Baby Boomer, please check out this article on how getting a policy through an agent is the cheapest path.
Life Insurance for Seniors Over 80
Life Insurance for Seniors Over 80
Life insurance is available for purchase at almost any age, but there are some special considerations when applying to purchase life insurance for seniors over 80. These choices are dependent upon the amount of coverage desired as well as the general health of the proposed insured.
Photo by Wikimedia Commons
While there are exceptions due to State insurance regulations, most people over 80 can purchase a policy that will last their lifetime with no increase in premium cost as long as they haven’t reached their 90th birthday before application. The least expensive option is known as a “guaranteed level premium” universal policy. To qualify for this coverage, an applicant must be in relatively good health, undergo a paramedic exam and have bodily fluids taken for laboratory results. Coverage amounts start at $25,000 or $50,000 depending upon the applicant’s State of Residence. Premiums are based on age and health category which in turn describe the health risk from “super preferred” to “standard” and higher. These are the same policies issued at lower ages with some additional requirements to confirm the applicant’s mental competency.
If an applicant needs less coverage than required for a universal policy, typically less than the $25,000 mentioned above, the best choice may be a “simplified issue” policy which only requires that all qualification questions are answered in the negative. Each policy has two portions. The first set of questions will determine if you can qualify for the policy. Questions include both mental and physical issues. Should you answer all correctly, there is a second set which will determine if coverage starts immediately or there is either a wait time for death benefits or in some cases a partial benefit is available. While this type of insurance may have a waiting period, there is no wait if death occurs from an accident as long as the accident does not occur due to a health issue.
Not all simplified issue policies ask the same questions, and so it’s possible to obtain coverage from one company and not another. Also, prices for all coverage can vary significantly from carrier to carrier, so make sure to ask your agent for a comparison of premiums based on your need, and any health issues you may have.
In the event that you cannot qualify for any of the policy types mentioned, then your last choice is “guaranteed issue life insurance.” If the proposed insured can sign their name, then coverage will be issued. The death benefit is only paid after a 2-year wait. However, all premiums plus interest are paid back to the owner of the policy should the insured die within this period. Considering that many seniors who apply for guaranteed issue policies are on fixed incomes, the return of all premiums is an important benefit to discuss with the policy owner.
Most of these policies will insure anyone from age 40 to 80, while at least one carrier now has increased the age for application to 85.
Another word of advice for the children of seniors over 80. If your parent is in reasonably good health, the cost of fully underwritten policies are approximately 40-50% less than a simplified issue policy. Even if you only need a small policy below $25,000, you may be significantly better off with a fully underwritten life insurance policy at a higher amount for a similar premium.
If this all seems too complicated there is one method that will help you to make sure you’re on the right track. Find an independent agent (that’s a licensed professional who is able to represent multiple insurance companies) and discuss your objective with that person. You’ll know you’ve found good advice when your questions are answered. Look for an agent that you are comfortable with and who will show you why a particular policy is your best value.
Lenny Robbins has spent his entire business career in financial services. He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer. In 1991 he founded LifeNet Insurance Solutions which specializes in life insurance for seniors and baby boomers.
A Simple Guide to find affordable Life Insurance for Seniors Over 70
One of the greatest misconceptions about life insurance is that it is a luxury that only the young working adults can afford. Of course this narrative has been helped by increasing focus by insurers on bringing on board younger customers and trying to retain them.
For most senior citizens the issue of cost is a great concern because some insurers don’t have tailor made insurance coverage for their elderly customers. If are a senior citizen you can shop around and be identify a life insurance policy specifically designed for you. If you have been struggling to identify the best insurance coverage at an advanced age keep reading.
**Importance of Life Insurance in Old Age ** If you are a senior citizen it is important to appreciate that life insurance is not just for the young people. In fact a casual glance at your needs as you grow older reveals that you need more cover than you had thought before. It is important to cater for your family even when you are not around.
Over the years you must have seen families break apart when the parents leave them in a financial mess. This is a situation that can easily be avoided through affordable life insurance for seniors over 70. With the right insurance coverage your family is protected in case of your death. Some of the expenses that can be catered using such a policy include:
- Payment of estate taxes • Protect the family financially • Maximizing retirement income • Provide income replacement
Finding the Right Life Insurance Coverage for seniors It is true that age is a determinant factor when it comes to pricing of insurance policies but this should not be a deterrent because the benefits of life insurance outweigh all the costs. Life insurance for seniors is unique in many ways.
When searching life insurance for seniors over 70 some of the factors to consider include:
- Amount of coverage: To determine this consider your pending probate costs, unpaid debts, medical bills, financial gifts to the family members among others.
- Using a qualified insurance agent: These agents are certified and licensed to work in this industry and they help demystify the complex process of buying life insurance. They also help you find the best rates from a reputable insurer.
- Type of insurance: There are different life insurance options available to seniors including whole life coverage, final expense coverage, term coverage, universal coverage among others. There are also simplified life insurance packages which don’t require a medical exam.
Lenny Robbins has spent his entire business career in financial services. He was a VP of Oppenheimer & Co., Inc. prior to starting his own securities broker/dealer. In 1991 he founded LifeNet Insurance Solutions which specializes in life insurancefor seniors and baby boomers.
4 Sensible Decisions You Should Be Making With Your Finances
Money is one area of life which we all have trouble with at some point in our lives. No matter who you are, there is bound to be the potential for your financial situation causing you grief. However, this does not mean that there is no use in trying to get on top of it. In fact, with the right attitude and approach, money can be no problem at all. The key is to take the right steps towards a safe financial future. Taking those steps can be quite difficult at times. Often it is hard to stump up the courage to take action – even if you know it is for the best. Trusting the long-term process can be hard, too, but it pays off. In this post, we will be looking at some of the best decisions you can make for your financial security. You might well be thinking that they don’t apply to you. It is possible, of course, that they don’t all apply to you. However, it is likely that most of these will be applicable at least in some way. The truth is, it is never too late to start thinking about making a more secure future. So no matter what age you are, you might benefit from thinking about theseDebt is unfortunately very common in this day and age, and it only appears to be getting worse and worse. If you are in debt, the first thing to bear in mind is that you are not alone. No matter what the extent of your debt is, chances are there is someone out there who has it worse. However, that doesn’t mean that you shouldn’t try to clear it or reduce it as much as possible – you should. Dealing with debt can be a long and difficult process, but it is one which is worthwhile. It sets you up for financial security. If you do not sort your debt out, you can’t be in a good position to carry out any of the other decisions listed here. This should come first.
The main difficulty with debt is having to face it head on. However, this is necessary if you want to deal with it swiftly. The first step, therefore, is to take stock of how much debt you really have. There is no use cheating this, as you are only making it harder on yourself in the long run. Add up your debts and see how bad it is. It might be that it is better than you had thought. Next, prioritize your debts. It is much better to pay one debt off entirely first, and then move on to another. Credit card debt and mortgages are the sort to usually come first. However, it all depends on your situation. Once you know which debt you need to pay off first, it is a matter of fitting it into your budget. If you are in debt, a budget is essential. You can’t easily repay your debts if you are still overspending in your daily life. With that in mind, work out how much you need to pay off each month, and work it into the budget.
Dealing with debt is a tough, but necessary, first step on the road to financial security. If you have a great deal of debt, take this essential first step. I guarantee you will feel better just from having made a decision about it.
Get Insured
Insurance is seen by many as being a gambling game. Indeed, for many kinds of insurance this can be the case, and it is not always worthwhile. But there is one kind of insurance which anybody and everybody should consider: life insurance. So why should you think about getting your life insured?
For one thing, this is the one kind of insurance which is sure to pay out. With car insurance, for example, you never know if it is really worth it. Most people will admit that they only have car insurance if it is a legal requirement. However, this is not the case with life insurance. Life insurance is guaranteed to be paid out upon your death, so long as you have satisfied the agreement. Many people wait until they have experienced a life-threatening event. But the unfortunate truth is that you never know when your time will come. No matter your age, life insurance is a real consideration which is worth bearing in mind.
When you are on the market for insurance, it is a good idea to shop around. Not all policies are the same, so it is in your interest to keep an eye on the details. Depending on your situation, there might even be policies which are designed to suit you specifically. You might decide to go for life insurance for seniors over 80, for example, if that suits you. Whatever you choose, the main thing to remember is not to rush it.
Start Investing
We all want to plan for the future as well as we can. Money is an obvious part of this, and it can sometimes be a challenge to get it right. However, there are some tried-and-tested ways to ensure that your financial future is as secure as possible. No matter how old or young you are, it is always a good time to start thinking about investing. Investing your money is one of the best uses for it that there is – provided that you do it right.
The main issue with investing is to make sure that you are investing in the right thing. But how do you know if it is the right thing? The truth is, no two people are the same, so it all depends. It also depends upon the market as it stands today, and there is no accurate way to predict the future. However, there are certain investments which are almost always likely to be a fine idea. One such investment is real estate. This is something which many people invest their money in, and it is hard to go wrong with it. As soon as you are able, it is worth buying a property to let. Done right, this can be a lucrative earner, as you can gain rent money from your tenants while you pay off the mortgage. The beauty of property investment is that the housing market is always on the rise – except for one or two poor patches. On the whole, this is an investment which is likely to stand the test of time.
Gold
Another solid investment is gold and other precious metals. This investment works well because it does not lose its value – ever. Even in times of recession, gold remains a viable trading option. Getting to the point where you can invest in a significant amount, however, is quite tough. But once you are there, this is a great use of your cash.
Think About Retirement
We all need to retire some day, and we also all need to think about it as soon as possible. It provides a great peace of mind to know that you will have enough money when you are retired. There are many ways for ensuring that this is the case, and some of these have been mentioned already. Obviously, making proper investments is one way to ensure that you have enough money for retirement. Another way is simply to save as much money as possible. Saving money can be a bit of a minefield in itself, but it is well worth it.
One of the main concerns when you are thinking about saving money is where exactly to put it. There are, at any one time, countless possible savings accounts and similar, and choosing them can be tough. One good idea is to use an ISA, as these often have good interest rates. They are also not easy to use for instant cash, which means that they are more effective as a means of saving money in the long term. Another option is to use a trust fund. These seem to be gaining popularity in recent years, and it is not too hard to see why. Done correctly, they can be an extremely lucrative source of money for your later years.
Whatever you decide to go for, it is worth thinking about it as early as possible and planning ahead. It is never too early – or indeed, too late – to start thinking about retirement. Hopefully, you will have a decent pension pot to dip into – but this is no longer a certainty. It is well in your interest to do as much as you can to save money in other ways for when you retire.
There are, of course, many other positive decisions which you could make for the sake of your financial future. We have been through only a few here, but they are solid first steps to take if you haven’t already. No matter what stage of life you are in, it is always a good idea to spend some time thinking about your financial future. What’s more, it is never too late to take affirmative action in the right direction.
Author: Janice ThompsonJanice Thompson is a leading authority on business marketing self-employment and the social media explorer. She loves to write contents and like to share it with online audiences. Her venture is to spread knowledge and provide best information to her visitors.